OHLA - comment
We had expected this to take longer, however, yesterday Moody’s upgraded OHLA’s SSNs to B3 (positive) from Caa2. Whilst, OHLA has plenty of capital right now, the optics of an upgrade and the potential for the collateral being released are positive for the company. The move will boost OHLA’s efforts to get its banks to release the €140m collateral held and should facilitate a move towards increasing OHLA’s bank guarantee facilities as and when needed.
- Along with the SSNs, Moody’s raised OHLA's family rating to B3 (positive) from Caa1. The SSN rating is now the same as the family rating because they are no longer subject to the restrictions imposed by the Spanish government-guaranteed loan, which was repaid from the Cemonasa settlement. The positive outlook reflects Moody's expectation that EBITDA will rise in the next 12-months.